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BARNETT SHALE Net production in the second quarter remained essentially flat compared to Q1, BARNETT SHALE Q2 STATS averaging 167,000 Boe per day or 1.0 Bcfe per day. Liquids accounted for 26% Q2 2016 Q2 2015 of the production mix. Production: Oil (MBOD) 1 1 Over the past 12 months, Devon has successfully limited production declines in the Barnett Shale to an average of 1% per quarter with a minimal capital NGL (MBLD) 43 49 investment of only 70 million. Gas (MMCFD) 739 805 MBOED 167 185 Operating Costs Continue to Decline E&P Capital (in millions): 4 Operated Rigs (at 6/30/16): 0 Devons Barnett Shale properties delivered another strong cost performance during the second quarter. LOE and production taxes totaled 100 million in Q2. This represents a decline of 22 million or 18% compared to peak costs in Annualized Cash Flow Sensitivities CUMULATIVE 2015. 600 FREE CASH FLOW Free Cash Flow ( MM) (SINCE 2010) A significant component of these LOE savings were achieved through 500 renegotiated compression rates, additional water disposal savings and declining chemical expenses. 400 Significant Free Cash Flow Generation 300 Devons Barnett Shale assets generate significant free cash flow due to its 200 resilient base production and low cost structure. Since the beginning of the BILLION 2.00 2.25 2.50 2.75 3.00 decade, these properties have generated approximately 2.5 billion of free Realized Price (/Mcfe) cash flow. Appraisal Program Identifies 1,000 Horizontal Refrac Locations The quality of the Barnett Shale is further demonstrated by its cash flow generating capabilities at higher commodity prices. Based on the current year In early 2016, Devon concluded its initial horizontal refrac appraisal program capital program, free cash flow in the Barnett can approach 600 million in the Barnett Shale, compiling valuable data across its 610,000 net acre annually at a realized price of 3 per Mcfe (chart right). position. Q2 2016 OPERATIONS REPORT 18
Devon Energy Corp
August 2016

Montney Wells Have Shallow Decline Rates Why shallow decline rates Recent UGR Wells Montney is not a shale Production Curves Enhanced permeability from natural fracturing in low- porosity areas Some areas have better permeability due to almost- conventional rock Best Month 1st Year EUR (Mcf/D) Decline (Bcf) Haynesville 11,600 68% 6.9 Marcellus 11,277 70% 12.8 Utica 11,184 73% 11.2 Eagle Ford 6,503 70% 5.6 Montney 5,860 58% 7.4 Barnett 3,046 68% 4.0 Fayetteville 3,047 64% 3.4 Data from TPH and corporate presentations as Increasing to 8,000 Mcf/D and 10 Bcf referenced by Production Curves graph. Confidential and Proprietary 11
Ugr Blair Creek Ltd
July 2015

Permian Basin Acreage Position and Recent Test Results TWIN LAKES Permian Basin Total 42,538 gross / 29,073 net acres Gross Acres 152,370 acres Net Acres 85,375 acres RUSTLER BREAKS Successful performance of initial horizontal wells(1) 64,513 gross / 27,775 net acres Cumulative Production Current Production Oil Eq. % Oil Natural Gas EUR(2) 7 8 Well Months (BOE) Oil (Bbl/d) (Mcf/d) (MBOE) 5 1 Ranger 33 State Com 1H 15 184,000 91% 190 130 600 (2nd Bone Spring) 2 Dorothy White 1H 12.5 310,000 66% 450 1,700 1,000 (Wolfcamp X) 1 3 Rustler Breaks 12-24-27 1H 9 134,000 43% 140 1,250 600 (Wolfcamp B) RANGER IP = 1,273 BOE/d 4 Norton Schaub 1H 28,994 gross / 16,307 net acres (Wolfcamp X) 6 122,000 69% 500 1,600 700 Wolfcamp X (A) 5 Pickard State 20-18-34 1H EDDY 6 71,000 92% 330 180 400 LEA (2nd Bone Spring) 3 13 6 Johnson 44-02S-B53 204H 4 117,000 65% 530 1,800 800 14 (Wolfcamp X) IP = 1,525 BOE/d 7 Pickard State 20-18-34 2H 7 35,000 86% 125 200 200 Wolfcamp B (Wolfcamp D) 8 Jim Rolfe 22-18-34 RN State 131Y 3 8,000 95% 44 10 70 (3rd Bone Spring) LOVING Recent activity and 24-hour initial potential tests IP = 1,377 BOE/d Oil Eq. Oil Natural Gas % Pf (3) Choke IP = 1,268 BOE/d Well Date (BOE/d) (Bbl/d) (Mcf/d) Oil (psi) (inches) Wolfcamp Y (A) 9 Wolfcamp X (A) Arno 1H Mid-Sept 2014 1,110 300 4,900 27% 4,100 26/64th (Wolfcamp X) 11 12 6 10 Norton Schaub 84-TTT-B33 WF 2010H 4 2 WOLF / LOVING AREA (Wolfcamp A) Late Dec 2014 875 608 1,600 69% 2,600 28/64th Matador Resources Acreage 10 11,274 gross / 7,877 net acres 11 Barnett 90-TTT-B01-WF 201H 9 Early Mar 2015 1,268 720 3,300 57% 3,225 26/64th HEYCO Acreage (Wolfcamp X) WARD 12 Barnett 90-TTT-B01-WF 205H Mid-Feb 2015 1,377 738 3,800 54% 3,475 26/64th Location of Matador Well (Wolfcamp Y) 13 Guitar 10-24S-28E RB 202H Early Apr 2015 1,273 1,008 1,600 79% 2,190 26/64th (Wolfcamp X) 14 Tiger 14-24S-28E RB 224H Early Apr 2015 1,525 650 5,300 43% 3,900 26/64th Note: All acreage at February 27, 2015. Some tracts not shown on map. (Wolfcamp B) (1) As of January 31, 2015. (2) Estimated ultimate recovery, thousands of barrels of oil equivalent. (3) Flowing surface pressure. 17
Matador Resources Company
April 2015
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